Prof. Antony Davies: 10 Myths About Government Debt
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- Опубліковано 31 тра 2024
- Professor Antony Davies explains the many miss-understandings about Government Debt. Myth 1 is that the government owes “only” $20 trillion. (In reality, it’s much more.) But luckily, Myth 10 is that there’s no way to fix this problem…
️🔥 For more content like this watch Prof. Antony Davies' Answers to the Most Googled Economics Questions: • Prof. Antony Davies An... ️🔥
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Myth number one, the government owes $20 trillion. How much is $20 trillion? Suppose you go to Germany, and in Germany, you go to every town. In every town, you visit every store. In every store, you look at every shelf and grab everything that is for sale. The amount of money you spend will not be $20 trillion. If you go to Germany and then to France and you go to every town, and within every town, you go to every store. In every store, you look on every shelf and you buy everything. You still will not have spent $20 trillion. You can go to England and while you’re there, you can go to the North Countries and buy everything that’s for sale, and you still will not have spent $20 trillion. In fact, to spend $20 trillion, you have to go to every country in Europe, visit every town, in every town, go to every store. In every store, look on every shelf and buy everything. And then you will have spent about $20 trillion.
But the myth is that this is how much money the government owes. It turns out that there’s more, called unfunded obligations. Unfunded obligations is money the Federal Government has promised but which it does not and will not have the money to pay. Largely, this consists of promises of retirement and medical benefits. If you would take the present value of all the future promises of retirement and medical benefits the government has made and subtract from that the amount of money that’s in the government’s Social Security and Medicare trust funds, and then subtract from that the amount of money the Federal Government anticipates collecting under the current law from future Social Security and Medicare taxes, you will still have an amount of money left over that the government does not have.
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How Big is the U.S. Debt? (video): A stunning visual representation of the ever-growing amount of debt and unfunded liabilities being accumulated by the federal government, narrated by Prof. Antony Davies.
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How Should Governments Deal With Debt? (video): Nations that spend themselves into debt face very difficult choices. Prof. Steve Davies describes the three main choices that governments have to fix their debt problems.
• How Should Governments...
Debts, Deficits, and Spending Cuts (video): Prof. Jeff Miron of Harvard University explains we should focus on reducing spending, rather than managing the deficit, if we want to reign-in the runaway national debt.
• Debts, Deficits, and S...
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For a full transcript please visit: www.learnliberty.org/videos/10...
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Myth #11: politicians want to fix this problem.
Politicians want to get into office.
Hence, promises of FREE STUFF to liberals.
@@dinnerandashow - I think intelligent liberals simply want to see something tangible from the around 50% we pay in taxes/fees. If they're going to steal it, we might as well get something.
@@KrystalessR problem is liberals want far far more than what they put in even if their neighbors have to pay for them.
Myth #1: I give a shit what a satan-serving, crooked politician wants or thinks.
Well, we can't figure out how to balance a budget without people wanting to put heads on pikes.
I think it's reasonable to want to cut the military budget. Not so much that it's rendered ineffective, but just do more with less.
Of course we could debate on cutting other expenses to ensure that the military cut isn't ridiculous. However I think the most reasonable place to start is with the military budget.
There's absolutely no reason why it needs to be as much as it is. Many other countries have smaller expenses with the military like China and Russia and manage to still defend their nations, from even more immediate and closer threats than us. Unlike the US, China and Russia live right next door to some of the world's most unstable countries. Still manage to keep Russian and Chinese citizens safe.
We CAN cut the military budget, and still keep a significant presence throughout the world. It's not an unreasonable claim. If Russia and China and do it without the benefit of a large ocean, so can we.
"By the time it catches up with me I'll be dead."
The slogan of a government representative.
True.
This is exactly how they think. And many of them have properties with bomb shelters in New Zealand just in case the effect of their decisions is realized within their lifetime.
And the problem is not the debt. The problem is endemic corruption resulting in runaway wealth inequality.
biden lol
Don't exempt yourself consumer devbt is almost just as high in credit card generations most never pay off.
@@darrelljohnson1319 I have none so I guess I am exempt. As far as politicians I am more referring to the scandals that don't get attention until the damage has already been done.
This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!
It took me 3 years to stop trying to predict what's about to happen in the market based on charts studying because you never know. Please, i need the help of your Investment advisor.
God bless you for sharing!
another bull shit lying comment ad redirecting you to somewhere else to buy something go to hell!
@@lailaalfaddil7389 Let me say very,very good video
And yes, the USA can balance the budget
But, the Democrats don't want that
One thing that is overlooked is that while inflation erodes your savings, it also erodes your debt. Those who have "good debt" (debt tied to assets) will come out ahead as the amount owed is locked in while inflation means it gets easier to pay. This is undoubtedly the same strategy the government is deploying as it is much easier to pay 1980's debt with 2022's dollars.
look at old 1925 germany there did it not fix their debt
@@m.m6990 ...
World War One left Germany with massive debt.
Germany then attempted to “print their way out of debt”.
This resulted in hyperinflation so extreme, that the salaries of German workers had to be adjusted TWICE DAILY... with pay distributed twice daily as well.
The workers’ spouses would come by the factories at lunch time to collect the day’s first “paycheck”, and rush to the stores to spend it on needed household supplies as quickly as possible, before the currency lost too much value.
At the end of the day, the workers would collect their second paycheck, and rush to the stores to spend it on their way home (again, because the currency was losing value so quickly that if it wasn’t spent immediately, it would essentially become worthless).
If you call that “fixing the problem”... I suggest you hurry up and get yourself some credit cards to pay off your own debt.
Let us know how it works out for you.
@Ivan Salazar ...
The OP, and you... are both right.
We individuals, are unfortunately most subject to “income stagnation”, and will struggle with “non debt related expenditures” for sure. However, your actual “debt service” expenditures will account for a decreasing proportion of your overall budget.
The picture for government is different.
The government’s “income”, being a percentage of GDP, is never really “stagnant”. Therefore, delaying the payment of debt, absolutely lowers the “cost” of that debt for government.
For example, right now... inflation is higher than the “yield” on government bonds.
The net result of this is essentially a “negative interest rate” for the government... meaning that the more slowly they pay off their debt, the better off they are.
My thought exactly. In the scenario he presented, said what happens if the price of the things you buy doubles, and your income doubles? For a non saver like myself, who has a mortgage, the burden of my mortgage is now greatly reduced. This scenario is actually happening, and people's houses are suddenly worth way more than what they owe. Sadly, this benefit is erroded for many because they secumb to the temptation of the cash out refi. The mortgage debt goes way up, the lender makes thousands from the closing costs. The hapless home owner keeps on living beyond their means, and a few years later needs another refi. Terrible cycle. The banks are the big winner in this, the wealthy bankers go on getting wealthier sucking up wealth from others without producing any wealth themselves.
@Brian Megilligan ... NO. Inflation does not erode debt LOL Not for us every day schmucks... because we have to pay INTEREST on the debt... and the Fed and other banks will be raising interest rates. It only erodes government debt (those long term bonds at sub inflation interest).
If history teaches us anything we know for sure that nobody is going to learn from history.
We have learned from history that no one learns from history.
-Hegel.
You are . We are here now because our direct ancestors learned from history. Don't be an NPC.
@@gmsllc We are here by mere chance actually. Most people don't learn from history and are born into worse situations.
@@Usammityduzntafraidofanythin I am not here by chance. The choice is freedom or slavery. Free yourself and be an example.
@@gmsllc What does freedom and slavery have to do with fortune?
A politician will spend $millions of other peoples' money to get a $150,000 a year job. That says it all.
Drain the swamp, they are blood sucking liars!
That is why Plato said in the Republic centuries ago, "Anyone with personal interest, should be automatically disqualified." How refreshing!
With that little specification, a lot of people would automatically be eliminated.
Only those who have the public weal at heart would be qualified" to be in power.
In my opinion, anyone narcissistic enough to think that they should be the leader of the free world, is probably not a good choice for the job
Your statement is brilliant at first blush except that this would be true in any system other than anarchy. It’s also true in private enterprise. People in managerial positions spend more of other people’s money than they take in salary.
Try saying &260,ooo
When the government prints money, the price of goods and services rises faster than salaries do. So not only does the printing of money erode the purchasing power of savings, it also erodes the purchasing power of most salaries.
When the fall of economic Communism added 1 billion new low wage workers to free market Capitalism back in the 1990's that drove down inflation and low skill worker wages. That is almost entirely the reason for the economics of the past 25 years. You don't add 1 billion+ new workers to free market Capitalism and it not drive down wages. But that's not what people want to hear. People only want to hear that nothing is ever their fault or a real world problem. People only want to hear that Government is the one at fault for everything that bothers them and it's never themselves for doing nothing but whining.
You think anyone would vote for me telling them the harsh truth that much of their problems are their own fault for not adapting to real world changes? Much easier to sit on your behind and blame the government.
@@strangelyukrainian7314 i don't like the Chinese government. But you aren't facing the whole of reality, imho. A lot of Chinese were working in their parents rice field's for $16 a week. Now they make $2 an hour working 40 hours a week in a factory. That $80 a week is not slave labor to those Chinese formerly making $16 a week. Some make $3 an hour and live far better than they did. Google pics of Wuhan, China in general.
I buy products made in China and the American who has those products made there laughs at the idea of China and child labor. You just don't want to be told the truth as that puts the responsibility on you. (I'm like that too, not fussing at you, just facing reality)
The knitting mills that started in Yorkshire, England moved to New England because they had cheaper labor. The knitting mills then moved to the South because of cheaper labor. Next to Mexico. Much is now in Vietnam and Indonesia because of cheaper labor. This movement to where labor is cheaper to produce products that sell for less in a competitive marketplace is the hallmark of free Market Capitalism. England use to complain about Americans using child labor in it's knitting mills. That did not help England. They had to find another business they were more competitive at.
Politicians know people don't vote for them went they tell them a hard truth voters don't want to hear. So politicians will always only tell you what you want to hear so you vote for them. I not a politician so I don't need to lie to people. Take care and good luck to you.
When taxpayers don't pay enough in taxes to cover all of Government spending, government offsets that with inflation. Inflation is great for taxpayers as they accept it more than paying more in taxes. People hate hearing that truth, but it's reality anyway. People think they can't avoid taxes legally (not true) but can defeat inflation by just not buying( true in part). You can avoid taxes by simply making less money. But who wants to do anything but blame the government for everything? Nothing bad in this life is ever your own fault is it? It's always the evil government's fault. No citizen has any responsibility beyond going to work and getting a paycheck to most people's thinking.
@@strangelyukrainian7314 The problem with blaming child labor is it lets you and others in the US off the hook over not being able to compete with China in a free market Capitalist world. It' not your fault, it's the evil others. England blamed the US for child labor when they lost their knitting mills to New England. It did England nothing but make them feel good complaining about US child labor.
While you are right about inflation causing the dollar to lose value, inflation currently is caused by shortages because all around the world. The unvaccinated are losing millions of hours of work to avoid a vaccine that has zero reported deaths. People not vaccinated are hurting themselves financially if they miss work. But for them everything is the governments fault and they take zero responsibility for their own actions. Why look at your self when you can blame the government instead?
This makes me far more sad than mad please understand.
Voters prefer inflation over raised taxes. That's not popular with the political media who only tell you what they know you want to hear. I don't need anyone to subscribe to make me money or vote for me. By allowing inflation, politicians don't have to raise taxes and get voted out of office. And no matter what happens, each party always tells it's base they don't fail, it's all the fault of the other evil party. Works every election I've ever seen. I'm really old and just being grumpy which at my advanced age, long past retirement, is a Constitutional Right. (8-) Oh, did you know I'm making 7.5% on my Treasury Inflation Protected Bonds at the moment? They go up and down , but a 7.5 real low risk return is better to me than listening to the media tell me it's all the government's fault. Best to you.
@@sscalercourtney5486
We are in a situation where we spend way too much money on welfare, we get the government we deserve, the government is corrupt because people are.
And right now we are in a situation where we "need" to print money because we are bankrupt.
Social security, medicare, medicaid, all of it is welfare, it's all taking money from someone and giving it to someone else, and with the falling birth rates the problem is becoming bigger and bigger each day.
If people stopped asking for free stuff this problem would solve itself today, but let's be real, how many are gonna willingly abandon welfare? Even though it's literally 70 % + of total federal spending? And this is why they need to control you, because we are approaching an economic collapse of massive proportions.
The reality is that people are at fault just as much as the politicians. But people don't wanna think that they are at fault. And they act as if those services provided by the government could never be provided by private means.
Save and invest for your own retirement, ever heard of that? Or private healthcare? How come that obamacare skyrocketed the price for healthcare? Have you ever thought of that? So much for government keeping in check those greedy capitalists....
Just a bunch of losers, well, it's gonna be over soon enough.
You should be into commodities futures right now though, bonds are total garbage. Especially government bonds.
By the way, the us government debt is 30 trillion dollars now, and if you consider unfunded liabilities it's almost 200 trillions, wanna take a guess at what unfunded liabilities are?
This is soooo good! Would love to see the stats and figures updated again in 2023, especially after topping $30T in debt, another looming gov't shutdown, and an estimation that the US is expecting another $19T in debt by 2033. If we could pay off some of that debt, just imagine what we could do in this country with all that interest money if it weren't going to service the debt.
Imagine what we could do with all that money? Why not ask, imagine what you or I could do with it if it remained in our own hands, and the government shrank massively, cut spending to the bone, and only performed those essential functions that our founders envisioned, like keeping us safe from foreign threats.
The 30 T only adds up. It’s the liabilities that concern. When Warren Buffet shows concern on this , you know it’s a serious issue.
The Dems would be slobbering at the MOUTH.
@@nickknight8065 exactly Nick, most of the money ought never have been created thus preventing all this spending binge and inflation. Our dollars would be incredibly valuable re purchasing power without the enormous constant plunder.
If the usa only had a secure border and didnt give out free money to lazy moochers each month and other countries then imagine what could be accomplished
"Inflation is a tax on savings." I've never heard that before, but it's the most concise way to summarize the issue.
Daswhyusaveingold
Inflation is that dirty little secret they NEVER teach you in school. You should watch Robert Kiyosaki's channel.
Inflation is to stop people from hoarding money and keep the spending to feed the economy.
@@konfunable another interesting pov
@@hammerdown7365 if you menat "position" it is not a position. This is basics of capitalist economic theory.
The problem is:
The SALARY will NEVER increase at the same rate as prices.
That isn't because there's a problem in what he said. That is because capital accumulation. At this moment Kroger and Walmart may compete for workers. If they merged, the employees of the merged company will work at minimum wages. The fewer the number of employers, the lower the wages
Another problem is, that if you have a progressive tax system... i.e. the taxes increase in percentage when you earn more, then you have to beat inflation+the additional tax. This is really awkward. A flat tax of 10% should be enough, like it was in medieval times, before discovering America
@@schmirgo perhaps, but I am against all forms of robbery, so no taxation for me please
Yes that why almost no one could afford a car 50 years ago and today everyone has one. Same with food, thats why people are were starving t 50 years ago and not today . Same goes with cellphones, computers, clothes, plane tickets or almost anything else that you could possibly think of ( there are some exceptions). Im obviously being sarcastic here.
The reality is an average salary today can buy far more than an average salary at any point in history before today. Stop bitching for no reason.
@@matejmatkovic7712 Actually, it's because of the availability of credit. 50 years ago people didn't have as much stuff because they had to actually save money to buy it because credit and financing were not as available as they are today, personal debt on average is way higher today than it was 50 years ago.
Today, almost everyone has a credit card, and you can get financing for almost anything, and that's because the average person doesn't earn enough to pay for things up front. If you get rid of credit, the average salary would probably be not much better or even worse than 50 years ago, since the true inflation rate is higher than 2% per year, while salaries on average go up by around 2%.
Great walk-thru. "Unfunded obligations" is the nightmare of lots of Governments around the world. Denmark actually applied the "solution" - more or less - over 15 years (not five) since the mid 1980's and now has possibly the most sustainable and robust economy within the OECD together with Switzerland and Norway (maybe also the Netherlands, but not sure about other parts of their economy). Still, today all Danish Governments carefully calculate future long term income and obligations vs economic growth before agreeing on the "responsible" spending level. One of the reasons Danes accepted the "hardship" this implied was that the public was thoroughly educated about fundamental macroeconomics in a way I do not think any other country ever has has done before or since. Sadly, young Danes today have no clue about these things that were literally household knowledge for two decades.
Denmark re-distributes wealth by high taxation which means it is used more productively.
Some notes to take on while watching this video; because it's explained in a particular frame:
Myth 4: Only explains the part of inflation from a consumers perspective, not from a government or banking perspective. If savings depcritate, so do loans. Which benefits those who have a lot of debt.
Myth 5: When increasing the taxrate for companies results in the government collecting the same revenue in tax as before; it proves as much about the effectivity of corporate taxing, as the effectivity of corporate accounting to artificially adjusting profits to pay the same amount in taxes as they did with lower taxrates.
Myth 6: Although he shows that the effective tax-rate of the richest is the highest based on household income. What's left out is that the top 1%, because of these "high rates", have a construct in which they only use credit. Assets like homes, yachts, cars and stuff, are being privatly rented from a holding company (which they own), and not seen as personal assets or wealth. Most of the top 1% lives this way, and therefore have a negative household income, so no taxes are being payed. The effective rate says nothing about the actual amount of money being payed by the rich.
Myth 7 & 8 & 9: Government doesn't have to pay off anything because of the inflation debt deprication explained by me in myth 4. If the interest rates are lower than the average inflation rates, they can loan as much as they want. So not worth mentioning if Myth 4 was explained from a government or banking standpoint.
Myth 10: Some good points made like restrict spending to growth in GDP, which how the EU operates. But the USA is spending almost double the amount on imports compared to exports. As the world's biggest costumer, balancing your books is becoming a problem for your supplier, not for you, as long as you can keep up with payments, and keep your currency stable.
This video is upsetting because this guy sounds so sure of himself that people are probably taking this stuff out of context and thinking that taxes are awful or whatever.
Myth 5: That is conjecture, you dont know that and to do it on the level you're talking would amount to fraud.
Myth 6: Also conjecture.
Thank you for the clarification!
@@8LegoVogel8 No, what he said would be fraud Legokid
“Inflation is Taxation without Legislation” - Milton Friedman
green skydiver Firstly, I see your point and I’m glad we both agree on this. I wish the general public were as educated on these matters as yourself .... but the sad truth is, the irs doesn’t even have to intervene.... if you have $10,000 in a bank account, and one day the fed decides to double the country’s money supply... you’re money’s purchasing power just got sliced in half with no intervention from the irs whatsoever.... it blows my mind that 7 PEOPLE get to decide the monetary policy for THE ENTIRE COUNTRY
@@tonysohal2075 7 people decide upon purchasing power of millions. That does not sound like democracy to me.
So you watched this and then decided to quote Milton Friedman? Riiiight
Or representation
The late great Sam Rayburn of Texas once addressed joint houses thusly: "If the American people understood how their money is made we would all be swinging from those cherry trees out there by sundown tomorrow." Mantold the truth
Prices up at the grocery store.
Quantity pricing per unit up even more.
The gas pump is still steady.
Electricity wants 40% increase.
Cable, internet, phone all increasing 10-15% per year.
Paid $17k in taxes this year and was told I still owe additional $4k.
Haven't had more than a 2% raise in more than 2 decades and usually less than 1%.
National debt is catastrophic.
College for my son will be impossible to fund.
I'm failing to find where this works for most Americans because I consider myself extremely fortunate (with "a lot" to lose).
I mean is anyone else just tired of this bullsh!t spin?
EXACTLY! The middle class is being destroyed. No one can afford anything anymore and the only solution is to cut back on everything. STOP spending!
Word.
@Its just Jeremy How old is your son? College is changing rapidly...truly just a business now because “internet”. Might need to think outside the box to get the education he will want/need.
If you are unhappy with the level of salary in a job but stayed there 20 years who's fault is that? You are not tied to a job for life
Yes, I'm tired of bullshit spin.
I paid the government 7000 dollars in taxes this year and my salary was 42000
Meanwhile multi billionaire bezos paid nothing
Wow you explained money printing and inflation so easily yet here we are in 2022
10 Trillion dollars later. Surprisingly, the US is in better shape than most o the rest of the world. If only in the aspect people world wide trust our economy to produce goods and services the rest of the world will demand. Essentially that is the collateral for all the debt, and essentially it is an publicly stated inflation information. Try getting the same information from China.
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The common mistake we newbies make is without help and legit guidance from a professional.
@@noelleancona7917 Yes, you're right, it's not watching all videos wasting time on strategies, I was ignorant doing so till I met Rheagan Max Deplonty last year at a startup funding event in Washington DC.
Investing in Stocks is the wisest decision, If you've not been involved in any you're missing out.
Nobody becomes a millionaire or billionaire by working for others and depending on them, good investment brings millions of dollars.
The moral bankruptcy came first, then the financial one later.
Preach on! 🙌
I just used the "p" word! 🤐👈
It was a coup - the banker plan to steal the world
Myth #11. The $ is an IOU not real money.
You can't buy votes by taxing the people to pay for the votes you're buying.
@@homewall744 Sure doesn't seem to stop them from trying.
It took a 100 years to grow this debt.....coincidence that the federal reserve and federal income taxes are about 100 years old?
Unless we address the corrupt scam that is the “Federal” “Reserve”, none of this matters. The American people have been duped, and are still being duped.
Bad thing is we the people know the federal reserve is a private corp and, like this PLANdemic, very few seem to care and forage on.
@@jasperkensington2644 You may be interested to know, that for the first time since Abe Lincoln, the US government is now back in control of it's finances. www.congress.gov/bill/116th-congress/house-bill/748 - You have your orange skinned pal to thank for that. (I have never seen anyone used so much as a scapegoat as that man. The libs/dems are pissed and are pulling a temper tantrum which hasn't stopped since ... well.. it hasn't stopped. Vote #Trump2020
@@alanrage6295 I'm not convinced that this isn't the other way around, that the FED is the one seizing controls even further.
No coincidence
The problem with printing money is that the salaries never go up as quickly as the money printing. This has been proveen hundreds of times over centuries. The ones behind the printing machine goes immensely riches while the bottom 99.5% goes brooke.
The thing I notice, is that when wages go up, prices rise straight away. It's like businesses never take a hit. More wages mean more expenses, thus we will get it straight back with a rise in prices, and we will just tack on a couple of percent for our inconvenience. Therefore over time, the companies and busineses see a growth on their profits over time, while salary earners go backwards at the rate that busineses and companies go forward, hence the increasing gap between rich and poor. Well, that's the way I see it!
You’ve noticed businesses not taking a hit?
They raise the cost but still lose revenue. And a lot of their price raises are due to their costs going up.
The "government" doesn't print money, the privately owned Fed Reserve does. It is neither Federal, or a reserve....
Be the change you want to see : doesn’t hold any reserves and its not a bank, but its got his own desk at Wall Street.
It's not exactly privately owned though. And governmentally owned central banks do the same in other countries so it really doesn't change anything
www.hannenabintuherland.com/usa/the-federal-reserve-cartel-the-eight-families-who-own-the-usa-the-rise-of-bis-imf-world-bank-dean-henderson-on-free21-org/
@@Sk0lzky It is 100% privately owned, these families, not governments, own and control ALL of the money, in ALL of the Centralised Banks, in very nearly every single country in the world.
@@eydiepreston8108 Many thanks for that link mate, it makes waking some people up a bit easier! 🏴👍🤗🏴
Inflation is not just a tax on savings. It's also a tax on income. In scenario 2 the government conveniently "forgets" to adjust tax brackets accurately. Now you're taxed at a higher rate when your income doubles despite the fact that the cost of goods doubled. Also the cost of goods doesn't really double when you print twice as much money. Vendors take awhile longer than expected to raise prices because they don't notice immediately when the govmt prints money because it's done slowly. The reality is when the money supply doubles there's a 5-15% lag in prices in a lot of industries. In addition to that, the dollar is the world reserve currency, and in order to buy OIL from multiple middle eastern countries you must purchase it with US dollars. This is called the petro dollar scheme that Henry Kissinger came up with. Basically we offered the Saudis and others military protection in exchange that they only accept US Dollars for oil. In this way every country must obtain US dollars, and must therefore sell us things. They are forced to trade with us which puts additional competition and pressure on downward pricing when exporting a good from (insert country here) to the US. But the main thing it does is spread US dollars all over the globe, effectively spreading out our inflation per person. This effectively adds billions of citizens to the US debt scheme unknowingly. In a way if you or your country is using US dollars, you may not be a US citizen rights wise, but you are helping relieve US debt unknowingly. This genius scheme is what allows the US to keep printing money at will and until it is undone the US will remain the world's greatest super power by far.
Wow. brilliant analysis. I'd known about the petro dollar but I really didnt understand its ramifications. You're more knowledgeable than this guy. I'd rather hear a lecture from you. Thanks
The Back 9 You know your stuff. We should be much better off than we are since other people are basically working for us. But too much corruption and the welfare system keeps us from getting what actually should come our way
Say more
yes but what happens if countries start rejecting and breaking away from the petrodollar, which are current rumblings in the jungle. What happens then I would like to know.
The US is at present increasing interest rates and taking money out of the system. This puts the crush onto all those countries that are paying back debt in US dollars. The emerging markets have a 'rising wedge' crash pattern in their stock indexes. As the buyers dry up and the sellers get frustrated; the sellers panic causing a vertical crash. Contagion results. When stocks markets go into slow-mo, punters jump into a different county and carry on; creating a worldwide crash. A boom recession pattern is no longer here; but it has been replaced by a boom crash pattern. The appearance of wars soon will being the crash to end the fiat currency system. This is associated with the appearance of the Great tribulation Matthew 24: 21, 22. You will know the fiat currency system is ending when you observe the loss of the Euro and the outbreak of war in the EU with Russia.
this is why Dave Ramsey nails it with "Debt is Dumb"
In my work life, ranging from poorest to middle income, I have received nothing from the federal government but refund of overpayment of taxes. I’m now 64, still working. I doubt I’ll ever be able to “retire.”
People are too distracted by matters of no real importance to see the facts and figures.
People are not too distracted, they act like an ostrich! Head in the sand... People do not CARE enough to want anything to change. They simply go on social media and complain about it.
That's because the left argues only from emotion. That's why Bernie has such appeal, because he can make all these wild promises but his supporters are young people who are easily brought in by this and not educated on economics thanks to our crumbling educational system.
The distraction is deliberate, the media's job is for you not to think, it tells you what to believe!
What difference does it make if we know? Just make people feel more hopeless, which we are!!!!!! I am 74 and I have lived through more then most. We the people are expendable. The banksters rule.!!!!!!
Its not the bankers or the financial system who are creating these debt problems. Sanders and his lieutenants are drumming up hatred of capitalists, and a revolt based on denial of reality that will result in tragedy if followed.
"One of the prices that will double is your wages". Yeah right, that's been exactly how that has worked. We had our buying power ripped away, and our savings destroyed.
The people at bottom have never been so poor apart from 1920's
I'm talking 20th century and the 21st century
This. Some occupations/labor groups are able to demand and get higher wages, many are not.
Exactly. And he should know that. Gov't doesn't PAY you as fast as the prices rise. That is actual TAX on your LABOUR. You will work for food and shelter. It has a name:
SLAVERY
I know he didn't want to make it more complicated but he forgot to tell you that the first person to spend the money steals it from all the rest.
That is there is significant leg from an increase in prices to an increase in wages.
@@jameslafayette3866 *lag* Yes-very important point.
Hi from the UK. The fundamental problem is people in all walks of life spending money they don't have and now they are addicted. I'm one of those strange people (according to the experts) who save up for things and we are being hammered to fund financial irresponsibility.
Paul:
Hear, hear.
Snap... same as. good with money, but still have to pay the price
I believe it was Freeman Tilden in his book "A World in Debt", 1935, who remarked that there were two kinds of people in the world, 'one who would spend today all that he had earned today, while the other would save back a small percentage for tomorrow.' Indeed...... Yes, we are forced by circumstances to become defensive, using legal maneuverings such as foreign banks and gold and silver investments, devices engineered to protect us through the tough years. Do read the above-mentioned book, you'll enjoy it.......
the problem is that credit is necessary and high compound interest increases debt. The financial sector has sucked money out of the productive economy while preaching financial rectitude.
Yeah, so do I. If I cannot pay for it outright , I don't get it until I can. I had 1cc, back in 2002 . I have not had another.
Why can't we get someone like Antony Davies in a meaningful position in financial policymaking within our government?
He would not be welcome there. The system is feeding upon its own inefficiencies and corruption and will hit that “iceberg” at some point. Sadly for us underlings (voters).
Because he doesn't understand government budgets.
We’ve elected people to represent us and they have been ineffective for decades. Even we’ll meaning appointees from Congress and presidents fail for multiple reasons. Mainly because of not having enough spine to resist congressional pressure or special interest lobbyists and many more. They all make proposals that are watered down or don’t take effect for years and then those proposals are never implemented because new proposals are being pushed through and the cycle continues. Easy way would to trim budgets, raise taxes , increase productivity which would increase the economy and create momentum. But you’re never going to see that happen anytime soon. People vote with their emotions and as soon as I say cut something or raise taxes or whatever fears and feelings and emotions arise and they start talking with their representatives and voice objections and the cycle continues. Push it down the road
Myth #1 : The government has 8,000 tons of gold as assets.
TBH, they probably do. it's just that they've been stealing it from everywhere else in the world.
@@AP-bo1if I think we are more in debt than our rulers would have us believe. I also believe that the creditor who has the gold that once was in Fort Knox does not want the world to know that he is the one in charge. If everyone knew that the Vatican controlled the world, we all would be able o connect the dots and hold them accountable. Because the majority of people blame the Vatican's agents and proxies instead of the head, the beast survives. Cut off the head however and the beast cannot live.
@@NotOfThisWorld567
LOL the Vatican doesn't control the world.
@@AP-bo1if The Vatican controls the U.N., the City of London Inc., the Royal Family of Great Britain, the Freemasons (who were formed by Jesuits), the Knights of Malta (whose membership contains rulers of every nation in the world), etc.
The Rothschild family is known as the " *keepers of the Papal fortune* ". Every international banking family has ties to Rome. Rome is one of three truly sovereign countries. The other two are the City of London Inc. and the District of Columbia.
"Woke" people today love to talk about Israel or "the Jews" who control the US media and US politicians, but the nation of Israel became a reality only after the Rothschild family funded it's creation as a result of Hitler and his brand of socialism attempted to control the world.
Funny thing is, both Hitler and the Rothschild's are connected to the Vatican. The Rothschild's invest the Vatican's money, and Hitler was funded by them to continue his campaign when he was no longer able to fund his operations.
Also, noteworthy is the fact that so many of facilities of higher learning espouse the ideology of the Jesuits. Rome has claimed world ruler-ship since 538AD, when Constantinople handed over it's power to the Pope, but you don't learn that in public schools today.
Sorry that you have not been made aware of this fact until now. You should look into the many connections I have listed and MANY more that are out there to find. Here's a curious fact, the book "The Art of War" by Sun Tzu only became well known after being translated by a Jesuit in 1782. You should read the book and see if the tactics contained within are possibly ones that have been adopted by the one true power of the world.
Almost everyone on the internet is aware of the power that Israel has over other nations, mainly the US. Strategically speaking one has to ask themselves, is it better to control the world and do evil things against humanity in the open, or is it a better strategy to control the world through proxies and allow them to be destroyed after they have served their purposes and been discovered?
The Vatican has either adopted the principals contained within the Art of War, or has published their playbook for fellow Jesuits and their proxies to learn from to maximize effectiveness. It is interesting to note that 2000 years ago Rome was known for it's military techniques as it conquered the then known world. Does history repeat itself? Or, has the one true world power just been camouflaged, hiding behind it's proxies, right in front of our noses all along?
@@NotOfThisWorld567 It's the jews dummy.
20:42 "It took perhaps 100 years for our debt problem to grow to the size it is now."
Federal Reserve, established: Dec 23, 1913.
All you have to do is tell the fed to go get fucked
They dont do anything except take our money. Seems like theft
And when you look into who actually controls and owns it the same suspects crop up again and again around the Western worlds banking systems. I'm not blaming them. I actually admire their generational commitment to the next generation instead of following the make it and spend philosophy their methods encourage in the unintelligent rich. We have debt at unprecedented levels. We have instant wealth gratification at unprecedented levels at earlier and earlier ages. So whose fault is it? Responsible bankers simply lend at favourable terms ensuring the debts serviceability is maintainable as that's all that matters. Irresponsible governments saw buy now pay later as vote winning so debts increased. After all it seemed to make their populations happier through consumerism so why not apply it to the whole country? Insanity prevailed.
Or don't do that and be a debtor-slave the rest of your life and the rest of your children's and grandchildren's lives.The banks (sters) control gov't. at all levels,through the issuance of credit/entrenchment perpetual eternal debt.After the bankruptcy of 1933 the governors of the states got together and pledged all their property-assets- subjects (entire population) as collateral against the federal debt to the Federal Reserve (The Third Bank of the United States) "The table's tilted folks,the game is rigged"-George Carlin.The current system is inherently unfair-unequal-corrupt and was intentionally designed to enslave humanity,and the banksters like it that way..............
Actually, look at a graph of the debt by year. You’ll see it was a very slow growth up to $1 trillion until the 1980s when it jumped by several trillion. Then it kept on jumping in later decades.
WE MUST DO A FULL FORENSIC AUDIT ON THE FEDERAL RESERVE. PERIOD
Ok. Go for it.
Would love to see an update. It's been an interesting few years regarding tax rates and federal spending.
Tax Revenue increased after "tax cuts" under GWBush & Trump, but spending outstripped both under Dem Congress. Inflation on rise after years of "deficit spending." Can't see Prof Davies has been wrong.
$20 trillion? Yeah, the good old days.
Myth #4: Wages increasing in line with inflation is a joke
HIGHER WAGES = HIGHER GAS AND FOOD PRICES
Truth
You have to move up and change job within 5 years. You will be surprised, but in many places newly hired employees earn more than the existing staff because they are being hired at the going rate. That's why many employers don't like employees to talk about their salaries to other employees.
If your employer does not give you a raise for at least the amount of inflation than you are getting a pay cut every year and you should be looking for another place to work.
True....i can only wish for a 1970 salary and 1970 prices....our fathers had it easy back then.
Remember that inflation isn't just a tax on savings, it's also a subsidy on debt. So the distortions cause people to make some decisions whether they would naturally make sense or not.
So,as it erodes savings, it also erodes debt?
interesting... a temptation for any government,then?
@@josepeixoto3384 Also a temptation for rich people with influence over the government. Rich people often either have debt or own companies with debt.
I think it's amazing that a Canadian economist knows so much about American economy.
Would that more Americans understood this!
Dan: Canadian and Mexican people are all American people. The political map proves that fact. It's just a convenient shorthand of speech that people of the USA are called American, while they fail to include other nations of North America.
He is American
5:08 "One of the prices that will double are people's wages?" You can call that one "Myth One." Unless you are a government worker, there is no guarantee your wage will keep up with inflation.
or you do something for a living that is in more demand than supply of competent workers
@@mphepg Any examples?
There is no guarantee that there will be any inflation either. When everyone figures out how much trouble we are in, the banks wont lend and the whole thing will deflate like blown tire.
@@666mandrake I'll put my money on people not figuring it out. You do the opposite. We'll see who is sore in the end.
@@gregorywade1559 You are betting on the stupidity of the average person or are you betting that bankers wont figure it out as well? Anyway, I wish you the best of luck in your endeavors. I just dont trust in the system that much, right now.
Exactly ZERO politicians have watched this and ZERO would take any of the advice if they did.
Actually I think I saw Rand Paul in the crowd
_ 'cause we die and 'they' don't want your debt to die with you so they pin it on your children, childrens' children so on & so forth etcetera etcetera - fa la la . . .
Good video. It’s a sad reality our political “leaders” do not have the balls to fix our debt issues. This video is five years and the problem has increased 50% 😢
This is an interesting video and Prof Davies makes it easy to follow. The problem I have with it is where it presents data that are counterintuitive and makes no attempt to explain it. For instance, for most people, the idea that increasing tax rates reduces or has no effect on the taxes paid is totally unexpected. Prof Davies failed to describe the mechanism of how this happens.
Well, the truth is economists don't know exactly why it happens because they ain't exactly rich enough to see how the increase in tax rate would effect the spending habits of rich people. The most probable explanation would probably be because the rich simply just stop spending and investing and just keep their savings in the bank/under the mattress. This is because there is a disincentive to spend and invest if you know that you will have less money than before the tax raise.
There is a possible solution to the explanation above though, either a net wealth tax or a spending tax if you don't spend at least a % of your income each year.
@@phuocluong7974 I like your idea.
Very simple, your efforts to earn money and create wealth changes in accordance with changes to your tax burden, thus why any change in tax receipts is offset and you see a near flat trend line.
Gee, maybe we just need less federal gov't!
like 1% current amount. or less.
nooooo, thats to simple and effective. We need more govt to manage the problem of too much govt, LOL
are Americans ready for the barrage of propaganda opposing any politician who offers to reduce the federal government? I have a (meaningless) Mueller Report that says no
That's what the right wing has been trying for all along
Roger Epps since Reagan
The Federal Reserve, serves only to create US debt; the purpose for which it was established. The IRS was created, to collect on that dept. Every dollar the Treasury Department prints, is actually, a loan, from the Federal Reserve Bank that is a private bank. This guy, made no mention of this; he should have, because it is the main source of our indebtedness. Without an acknowledgment of this fact, we are and will always be, mindless slaves of the World Central Banking Cartel. A financial revolt is in order.
Wow you really need to do some research if you think that's the only thing the Fed Reserve does... it has almost total control over the US economy, and does not allow ANY oversight, ANY investigation, and are not allowed to take any sort of advice, suggestions by the President or any other government official, they can do as they wish to our economy for the benefit of themselves to make billions, and of course it was to their benefit to keep this system going with booms and busts for decades to make more billions, but they've milked everything they can out of the US system - now they are just going to let it crash and burn...
depending on IF the chairman wants Trump re-elected or not, they will let it happen before Nov. 2020 - or will do another round of quantum easing and lowering the rates back down to 0%. Either he will take the blame for a failing economy - that was faked via 3 rounds of quantum easing and 0% interest rates for 8 years of obama - or they will keep it pretending to be a 'strong enconomy' till after he's elected - and then it will crash and burn when they can't do any more rounds of quantum easing because nobody will buy our treasury bonds anymore - and they can't lower interest rates to negative 0%
It's looking like the Fed chairman might not be one of the Trump haters - because he said he would not raise interest rates the rest of this year (calming the markets from a major crash) so perhaps he wants Trump relected and we can expect them to do what they can to keep this farce of a government still 'running' till after the Nov. 2020 election
@@whit4youkissthis184 Pardon my laziness. And of course, you are absolutely correct. Thank you, for your insight and willingness to more accurately put forth, what I wanted to say, but was too distracted to delve into.
@@whit4youkissthis184 that is because USA is not a country, but a corporation. Government is its board of directors. With CEO being elected every 4 years.
@@thunderpalm7114 Absolutely right. But here is the bomb. Rothschild, who owns the federal bank of every nation except for iran at this point, started the illuminati by collaborating with Jesuit ADam Weishaupt in 1776. A few months later, they joined with the freemasons at the council of Englestadt. Who were the freemasons? That is the name for the organization previously known as The knights templar, the vatican's crusaders. Get the picture? The vatican rules. Look into the Jesuits and the Jesuit general (current one's name is Sosa Abascal) who runs all intelligence agencies worldwide, the banks, etc.. And who does the freemasons worship? bathsomet, also known as horus, also known as satan...get the picture? ANd i have debunked the bible and found it to have been fabricated by Roman Josephus.
At least for a little while we had the gold standard.
I am an Economist. You have well explained many questions that have been in my mind for many years. A must for any serious person including economists. Thanks.
Then teach that to the Kiddies
5 years later and this video has already aged like fine wine... unfortunately.
But wages don't follow inflation. Last 30 years has told us that.
Not anymore after the 2007 crash
Wage & earning Inflation happens first to those closest to the Issuing Central Bank. So Wall Street, Large Corporations, Banks , military contractors, Health Care, Energy, Big Agri, Big Pharma, Lawyers and Organized Labor see their revenue increase right away. For chumps like me and probably you, that inflation adjustment make take a decade or more (or never) for your wages to catch up to the inflation in the money supply. So Uncle Government enriches the players closest to itself... and who might that be? The largest campaign donors of course.. and hardly a surprise that folks who bribe politicians the most, also benefit the most.
End the FED!
The minimum wage does not consider people going out and buying luxuries like a smartphone and $200 sneakers. Americans are living in luxury while struggling to pay their mortgage because their monetary priorities are completely backwards.
@ Did you forget to account for prices dropping because new hardware was released?
The Ultimate 'get out of Jail' card is the one used many times throughout History....the Military card.
I would like to see an updated version of this video to include all of the new debt piled on in the last few years. Imagine how much worse off we are now.
I have updated version of debt: "a crap-ton" of it.All currency in entire economy is issued by creating debt , often on collateral.On top of that collateral is ofter a derivative of something on fractional reserve.All real assets are used as collateral for issued debt multiple times, and there is chronic lack of liquid assets to pay for existing devt and finance any growth.System is completely broken, and noone even knows how, becouse it is build on eurodollar created in shadowbanking rather than dollars issued by central banks.
Don't miss Freeman Tilden's 1936 book "A World In Debt", he covers the subject majestically........ he had become interested that people would talk of 'credit' in a positive way, when the word 'debt' was considered a negative....... To be in debt was bad, while having excellent credit was good!
How can you say these are myths when me (and everyone I know) see AND feel the inflation?!
The purchasing power literally halved the last 30 years, there was a time when only 1 person of the family had to make money, and the other stayed home to take care over the things in house. This is something that's pretty rare right now in my generation.
From 1800 to 1900, with the Industrial Rev, a loaf of bread cost the same. But from 1900 to 2000, with govt money and credit inflation, the cost jumped
Things are cheap now.. 50 to 75 percent off.. things are gonna get even cheaper... then in a few years its gonna be way way way more expensive... if you are lucky enough to even think about purchasing something..other than food
This clown seems to think we can grow our way out. Funny thing you cant have infinite growth on a finite planet
@@matthewm9261 Maybe not infinite, but just in the last 150 years our growth has been astronomical.
In my lifetime we were hardest hit starting in the 1980s! Supply side economics, so called "trickle down", what did they think that meant?
It's unfortunate that two inaccuracies are presented in myth #4: The "government prints money" to pay for unfunded liabilities that cannot be covered by tax revenue.
Inaccuracy #1 is the government does not "print" or issue "money"; the Federal Reserve (aka the FED a legislated cartel of the nation's banks) issues Federal Reserve currency (fiat currency).
Inaccuracy #2 This fiat currency creation (actually digital ledger entries) is used for "debt monetization" (the actual cause of inflation) to the U.S. Treasury.
So the FED (not the government) actually causes inflation by bailing out government's spending more than tax revenue can cover. One should not conflate the FED with the government. To do so confuses causality in economic analysis.
Tom Fiedler I think he says just that in point number nine; when he prefaced the topic he may have been speaking in s symbolic way and not meant prints paper money?
@@arachnipope I bet land is the collateral
You don't think the fed does the government's bidding especially during election years? Wake up.
@Tom Fiedler ... I agree with the logic you have presented except there is one thing you have yet to realize.... The Fed IS your REAL boss. The government that gets shuffled around every four years is simply an amusement worth its annoyance for the people to remain ignorantly confused. If you don't believe me, try telling the Fed & IRS that you won't take their bs anymore. If only the masses realized their predicament of part time slavery.
@@JBangcastle So who owns America?
You have suggested this video to me UA-cam for weeks, now I am finally watching it.
2022 here, just checking in after exploding the spending beyond what was previously a mind-numbing explosion in spending. The fiscal trajectory since 2008 has been bad, but since 2019 it has been inconceivably stupid. The politicians just decided that going over the falls isn't such a risk after all.
Through the use of Fiat Money and Fractional Reserve Banking, we're essentially renting the money we use. We're all debt slaves.
It’s not even money. It is currency; out of nothing (Federal Reserve) that becomes something (of value). An interest bearing liability.
Honing my psychic "abilities"; Hummmm...They tell me that MOST IMPORTANT SENTENCE, is not mentioned ANYWHERE in his "video"...I will watch, and prove my "abilities", correct, YET AGAIN...?
I have no idea what you said. 😆 My financial dictionary is not as advanced as yours.
@@stanislausklim7794 That's okay, you only have to watch a 20 minute video to catch up ua-cam.com/video/a7lEjTg-I6M/v-deo.html
_ and not even death erases that debt - chilling isn't it all . . .
Welp. That was terrifying.
This is very well presented. However, for most people, life is not like this in reality. If we double the price of everything due to inflation, salaries do not necessarily double. In fact salaries of lower paid workers have been increasing at a lower rate than inflation due to increased efficiency of production. Also, as salaries increase, lower paid workers sometimes move up to a higher tax rate/reduced government subsidies and therefore receive a smaller percentage of their total salary and benefits. The net result is poor people are becoming financially worse off.
We need an updated version
I don't know about you, I sure as hell am not getting more back from the government that I am giving them.
123chugchug well i get bit and the rest in economic stability but my grandpa told me ä, that he got far more back from the Keynesian policies, as the real wages grew in line with productivity plus the inflation target.
People’s purchasing power raised from 1940 to 1970-80, here in Germany from 1950 to 1980-90, until the Neoclassical counterrevolution arrived here later.
Me neither. And I am hugely disabled.
You will by the time you die. Most of it you will get as senior citizen.
yep, that figure of over $9000 the poorest 20% get back from the fed is questionable. Food stamps max is $175 (ie $1900/year). Medicaid may be $2000 for the average so that's $3900 and not all 20% poorest get that. Where is the number coming from? Move to the next bracket and the numbers are even less believable! Also is it fair to say Social security comes from the government when it has its own trust fund and is paid via taxes paid by current workers?
I have paid into SS and on his table he ONLY refers to income tax paid not total taxes paid...
@@iamcrispy7004 it's an average so there is going to be a small percentage of people with massive medical expenses shifting the tax rate. If he had a bottom %1 then the poorest 19 wouldn't be at such a high receiving percentage
In regards that “only the rich are paying taxes”, but poor and middle class get their taxes back. My low-middle class IT engineer’s salary is $60K a year (15 years of professional experience + 5 year BS degree in Mechanical Engineering). $60K/year by all accounts is a liitle above average American income. Combined taxes are approx 30%, that means government takes $17,400 or so. But, in tax return I can claim back only $1600-1800. So, the Government (State and Federal) takes in about $15,000 + taxes on any purchases of goods and services. On another hand we all know about “tax heavens” in foreign countries and investment schemes which only the higher earners can use, and evade the taxation, so on average their combined taxes are less than 8%, yet they sure pay the biggest tax share in total, but personally that tax does not affect their quality of life that much, to compare to me, where I have to spend 30 -40% of my entire income on housing/renting payment ($1300-1500/mo), and the rest of the money on food, medicine, clothes, and cost of transportation. Now, for illustrative purposes: in 1997 my first job in IT Support paid $26K/year, and my 1-bedroom spacey apartment rent in NYC was $750/mo. Today, the same apartment rents for $1500-1600/mo, and my salary after 21 years is $60K. It means combined inflation of 200% for past 20 years “killed” all my wages advancements for the same period, and I practically am getting paid the same money as 20 years ago, though it looks like it is twice as much money. So, the real estate business kept up raising the prices with the rise of inflation, and so went up the prices for food, transportation, and medicine, but the wages were suppressed and frozen by and large across the country since early 1990s. That’s what Government”s printing money, to avoid its own defaults, and the business going along with it, does to common working people.
The tax return isn't the only factor in money received back from the government. He talks in the video about tax benefits as well, like social security and food stamps.
Your problem: You have a good degree but somehow insist on living in the worst possible city in the entire country. MOVE. You should easily be in the $80k bracket and you should knock it off with being prideful and get a roomate whom pays about 35-50% of the rental costs depending upon arrangements. I don't disagree with your math or logic, but you also have a responsibility to better yourself by examining where you can make cuts, and if you should simply tell the company to F OFF and work elsewhere for more wages, presuming if you're competitive and convincing enough.
07wrxtr1 Unfortunately I can’t teach you to think and analyze presented information properly. Maybe just give you a hint in the direction I was going, when I wrote it. First, I don’t live in NYC, if that’s what you were implying, nor do I live in some fancy expensive neighborhood, second, I was basically correcting the authors of the video, and presenting the full picture of the income and the expenses facing an average person to show on concrete numbers that the economy is actually sick and twisted, not functioning properly, and it was that way for a long time. The very high inflation, very high taxes on pretty average income, and the very high prices for food, housing, and medicine, vividly show what is wrong with the economy, instead of talking platitudes of who pays the bigger part of the taxes, and who does not pay anything..
@@77klinok as soon as I read your post i knew some one would reply by blaming you. Same old move. Flat share or dont live beyond your means and you're not competitive enough, change jobs. Numbnuts.
You automatically get a $12,000 personal deduction which counts as some of the returned money. Everybody only gets the $12,000 personal deduction whether your earning $10,000 or $1,000,000. Every deduction from social assistance, rent assistance, child tax credit, food stamps etc... are returned benefits.
Excellent video! But it's too late now. That was from 2017, but as of April 2020, the US is no longer able to borrow. From then on it has been printing rather than borrowing. THAT is the federal reserve's "borrowing", which is a scam. It;s added to the debt column, government pretends it's debt, but as you pointed out it is a tax on savings, it is printed dollars that robs value from every existing dollar. And once that happens, the only possible outcome if hyperinflation and collapse of the currency. And that will happen soon. It is now 2022. I will be shocked if the US dollar has any value at all by 2023.
The politicians will never let that happen. They just love spending money they don't have. Give me a credit card with no consequences.
America's National Debt hovers around $100-$250 Trillion dollars
The Federal Reserve is at the Epicenter of this catastrophe
Fiat Currency is a scam. It's the biggest pyramid scheme in history.
@@blueeyes3555 Absolutely. Accurately stated
@@Junokaii Without a doubt
@@gusnorthamptonshire2651 It's the Capitalist version of a Centrally Planned Economy I think.
You saved viewers countless hours of studying dry economics publications. Solutions are relatively simple! What complicates things is politics. Corruption, greed, and toxic ideologies overwhelm sane minds and thoughtful efforts.
And when you look at the new debt from COVID at another $7 trillion money becomes worthless
the problem is you might learn something by reading a dry economic textbook.
What you actually mean: democracy complicates things.
Anarco-capitalism sure has a solution for that tho :)
Anyone who claims makro-econ solutions are simple is manipulating you (motivated by ideology and class interest) and you need to seek the missing parts..
Also corruption & greed are inherent attributes of people, enabled by systems. I see it all over the comment sections and videos here: appeal to decency and complaining about degenerate society that just won't work in the ideal way according to assumptions.
But:
-rational egoism is a core assumption of liberal econ theory
-you dislike the normative structure that would regulate behaviour
Greed is good, as one famous parody put it.
@@christian2i People like Kahneman and the Behavioral Economists recognize that people are not rational computing machines and that the liberal model fails empirical tests. So that is why you need to make changes to the core assumption of liberal econ theory to be consistent with results.
As I said, it is worth reading those dry econ textbooks.
Saying the government owes $80-$200 trillion of unfounded obligations (i.e. social security and other retirement benefits) is like saying I owe $5 million of future rent payments. Like Bruh, yes, I need to keep paying rent but it’s a future obligation that has little to do with my present debt obligations (mortgages, car payments, credit cards, student loans, etc.). Or better yet, let’s count all of my living expenses such as food and internet. In that case I’m now a billion dollars in debt (I’m being sarcastic if you couldn’t tell). Although, I am not forgiving the problem that the government has created by not strictly only investing current retirement contributions by workers today to keep the whole thing going. These jerks haven’t saved everything and use it for other government purposes and that’s not cool.
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The only wages that double when the government doubles the M3 money supply is the government workers, whose wages more than double, regularly, and often
Same thing with this $15 minimum wage B.S!
When has the government ever cut spending?
There was that time they did, oh wait no they didn't, NEVER EVER!
when has gvt ever cut BORROWING ? ? ? ( currently in $22 trillion ...out of control..escalating debt ! )
they cut spending all the time just never cut ENTITLEMENTS. only because dishonest politicans point and scream "Greed"
how can we cut from our less fortunate they cry, elect me, only I will save you from those greedy rich people! tax THEM they have more money they they can count!
and the sheep lap it up like wine.
there is a festering communist rot spreading across america. dishonest and blinded by ideology, they will first come for our ability to defend ourselves, our guns as they know the only way to take from people is to first take away their ability to defend themselves. government must be the only ones with the power of force, then government can be used a weapon, wielded on the very useful idiots who clamored for it
Why should they? They have the American people. The government has nothing it taxes the people. When they fail, they tell you, you have to sacrifice, we have to impose severity for your greater good, sheep, the American people!
Mike Stirling the American government cuts on everything except for military and corporate subsidies
Well, 5 years later, it seems nobody took the advice. Government spending is now at 5.8 trillion, more than double what it was in 2018.
I stop working. Fuck the government it's a failure social group think consensus. We need sister a.i that to replace council, state and government and banks should just be lithium ions. Each council has a AI algorithm (holy spirit) that guides people's choices to choose the best path for them. Each AI needs to be decentralized and only track people born in their jurisdiction, people living in their jurisdiction. Each AI can talk to each other but only with pronouns. The a.i should study the environment in it area. The best AI that has the healthiest and AI should be unionised to help teach other AI from right and wrong. The AI should never be allowed to kill physically and mentally. The AI can't tell people what to do but guide them what to do.
Good talk. How do we get suckered into borrowing something that doesn't exists but then pay it back with something that is here, which is human effort?
To start off, there is no trust fund. Social Security is rolled into the general fund and spent before any of that money goes out to its beneficiaries.
The Social Security Trust Fund is nothing more than accounting book entries. There is no Scrooge McDuck's "Money Bin" that contains your FICA or SECA "contributions."
The entire Vietnam war was funded with the Social Security reserves. Thats how long this has been going on.
Nobody wants to mention the bonds they are invested in can not defaulted on without serious problems in the US credit rating?
Abolish the Federal Reserve. Forgive all dept owed to the Federal Reserve.
canou fred Exactly! getting rid of the fed reserve is the only way. Anything else being said is nonsense
It's not that easy, though I wish it was. We got tied up with gangsters. Other countries followed us for help, thereby tying themselves into the mess as well, hence the US dollar being a common currency for trade internationally and also some countries rejection of the current world market.
Wondering why he repeats the fallacy that the "government prints money". Anyone who knows the first thing about the privately owned Fed, knows that it is the entity in charge of printing money, and charges us interest for the favour. Very misleading video..
Debt forgiveness seems a great solution but punishes the fiscally responsible. Forgive debt and the cycle begins again. We need a simpler society and simpler rules within it. However that doesn't fit with a growing service sector dependent on complexity for their incomes. Without real societal change nothing will happen to benefit the whole.
The insanity is money has no value so the wealthy spend like there's no tomorrow which there isn't because more money is printed for them to spend. Asset bubbles in unheard of territories may even make gold a poor retreat. As he shows it's all relative, and this time it's worldwide, and in one huge collapse that takes decades to dig ourselves out of no asset will preserve wealth. Gloomy...
Yeah....JFK was going to make them defunct by having the government print it's own money, debt free. It's one of the higher reasons for his assassination.
EXCELLENT PRESENTATION!
Of course, we all know that the solution will most likely never happen.
Very clear and visual. Excellent job.
The U.S. Constitution states:
Article 1, Section 8
1. The Congress shall have Power …
5. To coin Money, regulate the value thereof, and of foreign coin….
6. To provide for the punishment of counterfeiting … current coin of the United States.
Article 1, Section 10
No state shall … emit Bills of Credit and make any Thing but gold and silver Coin a Tender in Payment of Debts.
Yes sir, and both of those are simply ignored, not repealed just ignored. The courts have utterly failed our country.
Then the central bank happened
I think it's safe to say, the Constitution is a farce at this point in time.. Just my opinion though.
@@igorsanchez408 The Constitution is not a farce at all - it is the best design for any government over the past 5000 years of history.
The problem is, just as they were when the Constitution was written, it is run by humans, not angels.
We have not used the Constitution for decades in this country. If we would, the Federal government would have massive positive cash flow every year. Moving back to real money as the Constitution states (The Federal Reserve Act is not an amendment to the Constitution), and only allow money backed by gold and silver to be legal tender, all of a sudden you've killed off the means to deficit spending and inflation.
What we need in the USA is to get back to using the Constitution as the Supreme law of the land that we say it is.
The 16th amendment is disgusting...
Anyone who plays the "no, it's the Left, no it's the Right" game hasn't waken up yet. It's the fault of both sides and all of those who pick a side.
@BW MadDog [retired] Well given that Trump has prosecuted more people under the anti-gun laws it would seem you chose wrong.... gotta look at what they do not what they say...and they do the exact same on both sides so...^^^^
Acknowledging this and refusing to pick a side doesn't make you immune to any of it.
All politicians need to be scrutinized but in today's environment the Republicans are a much better bet because when it comes to them the News Media actually does their job. The Democrats are far more corrupt because our biggest and longest standing News Media won't investigate them and does the best job they can to ignore even the most outrageous, scandalous, criminal and even treasonous behavior by them. Until the Free Press in this country once again does it's job fairly and impartially we will continue to be in danger from Democrats that are completely out of control. Look at all the worst shit holes we have and they are run by Democrats that operate with impunity because the Media keep the voters thoroughly bullshitted into believing the Republicans are the devil and the Democrats are wonderful servants of the people.
@@Proman642 Lol thats like saying the republicans are worse cause Fox news still lies about all our wars and covers for Bush and Cheney.... They are all just Mocking bird Progegandists and the Dems and Repubs are the same party, the Oligarch Police state party, they are only called 2 different things to trick people like you...
neither party is left
American Democratic Party is center-right in relation to developed countries
With the country printing more money, he correctly states that is a tax on savings. But that is only if the saving is in CASH. If it is in stock or other assets, then no change in wealth. However, what he doesn't get into is that the more money you make, the more you get taxed and at a higher tax rate.
Mostly correct but, there are also cases where worker salaries will fall behind the inflation rate. In Turkey, we personally experienced it. If average salary is increased by, let us say 15 where inflation is 20% for a year and if that goes for let's say ten years your salary over the a product will be pow(1.2, 10)/pow(1.15, 10) which will be 1.53 and that means your salary has real value of 1/1.53 = "0.65". I know this is seem extreme but we experienced a similar salary value loss in our country which make you will care less about the degeneration of your savings
The part where my pay doubles escapes me. I don't get a COLA and my pay is what it is regardless of how much money govt prints.
If prices double my pay is effectively halved.
He's saying if you create an environment where prices double workers are going to force higher wages and the employer can't really argue if they just doubled there prices
@@danielv4180 -- seems you may missed the last 20 years of US Economics.
For sure, I haven’t noticed the urge to increase wages the last 15 years.
As a former middle income American, I always had a net loss to the government after taxes, even after the earned income tax credit. To say someone who makes $88,000 a year pays 3% in federal taxes is absurd, even after the credit lowers their taxable income by about $12,000.
Yea I have no idea what this guy is even talking about here, it is 100% incorrect. Nobody has a negative effective tax rate.
It’s averages
The biggest error in this is an error of omission. 95% of the money in circulation was issued by private commercial banks, not by government. When government balances its budget, it stops creating money altogether, and dependence on bank money increases. Even thought government debt is stabilized that way, the aggregate debt of the American people grows just as fast or faster than before.
The solution is to prohibit banks from creating money out of thin air by monetizing credit. Banks would have to borrow from term deposits or from the government. This would immediately decrease the net government debt to a small fraction of what it is now.
7:19 - Does anyone have a link to the original source of this graph? I want to show it to a friend but I want to send the original source material.
I would consider myself in the upper middle class, the one he said is paying effectively 3% taxes. I can testify that I usually pay about 20 - 25% taxes. He talks about "transfers", I assume those are tax returns..? I only got about $500 back in tax returns, not $15k. If I had got $15k my effective tax rate would have been about 3% but I don't know anyone who makes around what I make and is getting that much "transferred" back from the government.
I think a lot of what he said has merit, but I'd like to see where he's getting his numbers from for these effective tax rates..
His tax explanation is BS
He's full of it . He pulled the no. Out of the air.
in statistics, the mean (average) is determined by adding the total of frequencies and dividing by the frequency. It does not speak to an individual data point (or person in this case). go back to school.
No, he is talking about "transfers" meaning benefits that you get from the government, so it means what your taxes are paying for. If your kids go to public school, that is a benefit. Medicaid, (which you aren't eligible for but this applies to the bottom 20%), is also another example. Also, maybe the police and roads and constructions are things that apply to these transfers. Even with that, the top 1% still get much much much much fewer benefit from the taxes they pay. I assume that you in the upper middle class are in the same boat.
I was just gonna say, it depends how old the numbers he was using. I think he said 2013.
Term limits for Congress and the Senate are a must to stop the rot! 1 term then go away!
I wish. 2 terms in Congress, one in the Senate. You earn retirement same as any Fedral employee. Get a minimum of 20 which means getting a job and working same as any other slob. Not that the Federal workers retirement is all that any more. Its been cut a lot over the years and depends largely on social security and personal savings. They should be banned from working at any lobbyist group or governmental contractors. Same should go for all military officers.
Prof. Davies -please correct me if I'm wrong on this one but didn't the UK try something like the solution you outlined at the end of the presentation back starting around 2010 and it was called 'Austerity'. I'm a UK citizen and our debt has increased throughout this decade -what went wrong?
Pernicious public pensions!
This was unexpectedly fantastic!
When did wages go up to match inflation?
They lag of course, so you're constantly getting screwed by inflation.
And a lower rate of inflation would mean the impacts from these time lags are less right?
About the same time, one of these HACKS, actually addressed the REAL PROBLEM? FIAT USURY! /S They would NEVER do that!
Don't save, and always max out your credit cards. That's how you adjust for the lag. Oh, and buy real assets with the debt.
He's being optimistic. When other economic factors are good despite inflation the lag is only a year or two. Usually high inflation coincides with other negative factors so the lag is years longer and may even never catch up.
When inflation occurs and prices "double" your saving is eaten by the increase in taxes.
That 30k car at 5% state tax is 1500 in tax.
When the car costs 60k taxes are 3k.
That compounds onto everything you buy, the price doubles, the sales taxes effectively double.
And the property taxes are higher because the cars value is higher.
The only winner is the tax man.
Dan D And when it comes to food, the portion sizes are downsized
My favorite part was when he said “the government doubles all the prices including your income!” 😂. I don’t know anyone that has a cost of living increase that actually keeps up with inflation haha. So it’s even worse than we think. Love this presentation 👏
Curiously, his point about how the top 40% of income earners are the only net payers into the tax revenue completely leaves out the unsolved and ongoing issue of how the ultra-rich burrow massive sums from banks using their assets as collateral and are thus never taxed on their enormous fortunes. I'm no economist, but I'd say that's a massive issue that's got to be fixed. This single loophole most likely accounts for a significant amount of uncollected taxes. Who knows how many hundreds of billions of dollars extra per year the government could collect this were fixed?
Believe it or not, this money is not sitting there doing nothing, it's generating value somehow, be it by direct investments, by being lend to the American people, which use it to purchase, invest, open business, pay employees, etc, or by simply being collateral. Because of inflation and how no party in this system wants to lose money, all money that is not doing SOMETHING is money that is losing its value. You gain more money now, but you will lose wealth mid-long term, and honestly, thinking of the short term is what got us here.
Also, lets not even get on foreign markets, Apple is an Irish company for a reason, and there's no limitation on the amount of companies Ireland can have.
The government doesn't print money. The FED does, and it's private. The Gov't BORROWS money from the FED and owes interest on it.
All "paper" currency is printed by the United States' Treasury Bureau of Printing and Engraving. Metallic currency is minted by the Bureau of the Mint. This currency is "sold" to the FED for the cost of manufacture. The FED then lends "money" to the United States Treasury, which tenders Notes to the FED. These Notes are essentially claims on future tax collections and other government revenue, such as sale of surplus equipment and timber from the USDA National Forests.
To have a better understanding of the "money" "monkey business," read The Federal Reserve System - Its Purposes And Functions (1939) fly.hiwaay.net/~becraft/FRS-Adams.htm . Later editions obfuscate. The 1939 edition was withdrawn from circulation and all copies stored or destroyed. However, a few copies had already been distributed. From these, a few of which pop up for sale from time to time, the Internet has made it available to the entire world.
"...when Mr. Eccles, the then chairman of the Board, retired, the Board had discovered that the book had made banking so simple that the masses could understand it and that was intolerable money must be kept a mystery. The few who got hold of the book began to ask why Congress should surrender a delegated Constitutional power to private corporations who used it for private gain.
"They began to ask: 'Why should the people give to bankers U.S. Bonds, and pay an annual interest on these bonds, that they might use their own credit? Why should the Government have to borrow its own money (use its own credit) when forced to use more revenues than current taxes afforded?' "
Why does the US commit to paying foreign governments (with a surplus) when it can't pay it's own bills?
That is strategical policy. It is like the drug dealer that supply you free drugs because he want you to owe him a big favor. One day he calls you and ask you to bury a body in the woods. American global strategy is based on do what we say or we will cut of the 5 billion we give you each year. Problem is for the receiver, that he have incorporated those money into his GDP. Now he is hooked on the money drug from Us government. Ecuador received 5.3 billion dollars and one week later Julian Assange was arrested by Uk police. America would be far better of by cutting military spending by 50% and just bribe governments all over the world to do what they say.
Because there are strings attached, always
Hehe its 49 bilion pound question
@@urduib If the US cuts military power by 50% they effectively cut bribing power by 50%. What good is a threat if there's no force to back it up?
Because we get nothing back in return. Dumb Q.
Your table shows the taxes paid by 81% if Americans (20+20+20+20+1=81%). What about the other 19% of high income taxpayers?
I was concerned about that too.
The 1 issue I don't understand is the claim that just because the fed prints more money that automatically the inflation of prices raises, as if the businesses are not the folks raising the prices of goods and services.
Great video, the problem is that our politicians have no clue how to not spend more money!!!
Because it's impossible not to.
Actually the opposite is true, they truly do understand and gladly spend money
...Well yeah. How do you run a campaign that appeals to voters whose primary platform is "Your taxes won't change, but I will personally see to it our government does less for you across the board"? Crap like healthcare bills, welfare spending, "affordable" housing, public projects, education subsidies, etc. all inevitably cost more than they're worth, but in the moment they're pitched, they sell themselves hard to the disenfranchised and aimless.
“A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy." -Alexander Fraser Tytler
Great video, but please, go into more depth about the taxes collected by the IRS corporation to pay off the debt owed to the privately owned federal reserve... and you should be explaining the truth about credit and credit scores and who is accessing which accounts when these scores are checked, also the CAFR & the court investments systems when courts create bonds that they redeem from the IRS... explain the birth certificate and Admiralty law of statues and codes in the Uniform Commercial Code and why it was implemented after world war II. Please - really do your homework and reveal these things. - People need to know the full truth about House Resolution 192 and the UNITED STATES bankruptcy that occurred in 1933 - please tell the whole history - about the BAR system and US attorneys swearing allegiance to a foreign corporate entity to work to pay off the 1933 bankruptcy.
Thank you for the video.
Yeah, umm.... That whole spiel honestly just sounds like the rantings of someone that has gone completely looney tunes my man. I mean, it isn't even that I am disagreeing with taking at least the basic actions necessary to begin addressing the issue; such as mandating a Federal policy which gradually improves current wages over three years, until they reach a determinative fair equalization between employee and the employer's percentage of profit... & also tax reforms obviously...
But talking about conspiracy simply doesn't help to convince anybody to even listen to any suggestions, so rethink the whole trump is a great president
Sight Eternal Where do you look to find this kind of information? More importantly is their anyway to free ourselves or are we too far gone?
Wow, such a kind reply, for a person who sees the depth of depravity and dishonesty of this diabolic enslavement of humanity. Thank you for connecting the dots or identifying them at least.
I've heard it said that 1 million $'s, in 100 dollar bills, is about 3 feet high. A billion dollars is 3,000 feet high...and a trillion dollars is about ~566 miles long. We aren't ever getting out of this.
Year 2023: 5 years later than this excellent presentation, what has happened?
Myth no10, not even tried to bust.....
Nobody is cutting federal pensions, instead they cut SS which we were actually self funding, unlike their pensions!
@@peaceluv1548 I wouldn't have to trim to much with the amount of money that would give me to work with, I want people to have sufficient pensions, even thought that wasn't actually a call to cut those. Some of them are super bloated and undeserved. Yes, eventually the deficit would be brought to halt and even the debt clock would stop with a solid and strong fiscal conservative. I'd have that in my back pocket, but I don't like people following me around.
@Black hole... Hows bout we get rid of the min wage all together and pay people on ther experience... That way the single mother of 3 (2% of the labor force) can make from $15 to $25 ph... And these lovely, just so frikin cute, little high school and college children can make up to $10 ph depending on experience, self respect, and responsibility for themselves, the job, and ther fellow man...
I just so really hate seeing these people that deserve a living wage denied that living wage for a cpl of snot nose kids that can't show up on time, nor show respect for the work provided to them, or the ones they work alongside...
As these children, (that are just so frikin adorable I just want to squeeze the frikin life out of them)...
As these children riot and burn peoples livelihoods to the ground while crying foul for that single mother of 3 and the pay inequalities she suffers from...
Plus a slew of other marxist demands that override any and all problems that the black neighborhood might need addressed... In other words... That Floyd ship has done sailed... He dead... And thers not a wannabe commie hippie marxist pansy sniffin snowflake out ther that truly cares about him, his family, or the rest of the brothers and sisters out ther watching these pos marxists children destroy, destroy, destroy... smmfh
@@peaceluv1548 I see ur point so dont think I havent... off the rails lol... Ohh lord I write chapter books sooo... 😒
But to ur point... Sooo what ur "not" saying is that... What we have here is young white, and or not, collage grad marxists children with degree holding professional grade parents that have little to nothing to lose... That stand with BLM commie marxists that have hijacked the 3 little words and taken them hostage... Lord help ya if you try to have a factual or critical coms with them about it... geesh
This is exactly what we see in todays streets... These aren't poverty stricken people that are crushing livelihoods of hard working stiffs... These are fascist commies crying about "income inequality" and or "systemic wtfe"...
If this was bcuz of people with nothing to lose than this would have been the daily since ehhh '78 ish... bcuz those were some rough days... Especially knowing that they stole our frikin health accounts when sitting in miles long gas lines...
Anyhoo
So what 90% of the dems are bitchin bout is already on the law books or is a miniscule fraction of the labor force* or wtfe bitch they be bitchin bout today...
( *e.g. single mother working for minimum wages is at less than 3% of the labor force... my point is we could raise the living standards of all the working poor by trashing the minimum wage)...
And I believe it was on a Tuesday, back in '72 when our social security/ healthcare fund was turned into a slush fund for the entitled rich politician... What was mine and urs has been deemed a "redistribution of wealth" for the fascists in power... A frikin cookie jar with a broke lid and a shiite load of IOUs left in it... Ohhh crap did I just hear that "war on poverty" mini bus just drive by... Dammit they drove by and threw ther garbage across my lawn... again... smdh... And just a fyi ther I got the gas can if you got the match cuz the Fed is what all these pansys have stupidly skipped over and didnt think to burn down...
Anyhoo
So exactly how much more should the rich pay... I'm in the top 10% of the tax bracket and just dont see wher exactly at Im getting my money's worth... The rest pay nothing to the Fed... Salts' is everyone's bitch especially when my roads are tore up 90% of the year...
Ohhh and just a reminder ther was ohhh maybe a good 150 million less people in the USA in those salad days ur referring to... Soooo... Grrrr 😠
This is straight up bs bro and the democrats damn well know it... having brought this down on all of us bcuz of the hippie love fest they dragged up thru the 90s and into todays mindset... The hippies got degrees and ran for Congress... Then they had kids, go figure, and then they frikin are in Congress now plus they had frikin kids... Why do you think Trump was elected to begin with my good sir... it wasn't bcuz of the dems cry that brown and black is scary to conservitives... So hence his re-election in 80 days if you will... If that racist old white man and his black slave owner lackey are elected than just kiss it all good bye... Fundamental change is code for burn it all down...
Anyhoo... nice jackin jaws with ya... stay safe
SS payments go right out the door the moment they came in, and the fund get's an IOU Instead. There is no SS. All you got is an IOU saying "we need to make the FED print this much currency now and give it to us to give to you"
@@Tenebrousable
Thats what I said... I think... cept for the part about the Fed... And in not so few of words... I should try to get outside more, maybe try that stuff they call oxygen... get some sun or sumtin... 🤔😒🙄
1. i can't afford to save. 2. my pay has not gone up the same as inflation. I do make more than 1994. but i am worse off!!!!!
the middle class is no more..
Tru story. I remember when $100 in groceries filled my cart. Now it fills 2 bags.
Making more money is your responsibility, not the governments...
If you are 35 years old and have no. Money to save or invest, you are making some shitty decisions.
@Toob247 Toob247 I did not follow that last comment. I'm not picking up what you're laying down . But it seemed like you disagreed with me. Which makes me think that was some kind of excuse on your part... which only proves my point.
More and bigger government is failing the middle class
Politicians won’t do that in simple reason, they’ll lose control over many countries in the world, they’ll lose the empire.
Everything has a cost.
A place to start is teaching this in school. A basic economics class.